Incoming Tea Party-elected officials continue to vow to target deficit spending. Fox News writes, “Republicans elected to Congress with the help of Tea Party support pledged Sunday to devote themselves to balancing the budget over all else when they start their new jobs on Wednesday.”
According to the federal government’s 2010 financial statements, released in late December, the 2010 deficit was $1.29 trillion, a slight decrease from the 2009 deficit of $1.42 trillion. Despite this minor improvement, the long-term debt when all obligations are taken into account, including such major unfunded liabilities as Social Security and Medicare, is an astounding $64 trillion — and that may be understating things by about $12.3 trillion, says John Williams of ShadowStats.com (as reported by Douglas French on the Ludwig von Mises Institute blog).
In one of the most remarkable and unexpected political demographic developments, the 700,000+ Russian-American refugees who came to the United States in the 1980s are demonstrating their ideological and pragmatic affinity with the GOP, particularly in New York City, where the beleaguered GOP is a true minority party, having only a marginal place in city government, as 46 out of 51 NYC Council seats are held by Democrats.
When Medicare was first introduced in 1965, skeptics such as Barry Goldwater and Ronald Reagan bemoaned the implementation of socialized medicine and the extravagant cost of the original $3 billion plan. Little did they know that $3 billion was only the beginning.